A running 186 should last you for a while. Have you heard it run or driven it? Maybe a compression test would be a good idea.
It's not often that a motor "would probably need a simple rebuild and machine the heads".
Generally, once opened, more issues will be revealed = more cost.
Having the machining of engine parts done, & all the remaining parts handed to you for assembly, is not a job for the faint hearted. You'll also find no warranty on the motor if you assemble it yourself.
As with the question you posted about the difficulty of fitting a Celica box, a motor rebuild isn't a simple task, it really depends on the knowledge & skill set you have, along with availability of tools & equipment.
My advice would be consider the running 186 first, only if it is a confirmed good running motor. If it's good, put a new set of gaskets on it, rocker cover, side plates, sump etc., & use it. If it's no good, there are still many red motors available that are confirmed good runners, you've just gotta look.
As mentioned on your other post, perhaps contact & get involved with a car club. (
before you start your project). Your states EH club is probably a good start. Everything you're looking to do has been done by many guys before & you will find good info & the chance to look at the mods completed. More importantly, talk directly to guys who've done them. Learning the pitfalls, & there are many, will make your build more enjoyable.
Edited by user Thursday, 22 November 2012 11:43:27 PM(UTC)
| Reason: Not specified